HomeEconomyMaduro: Venezuela reports double-digit growth in the first quarter

Maduro: Venezuela reports double-digit growth in the first quarter

The indicators of the stability of the exchange system and the deceleration of inflation are showing improvement, said Maduro

Venezuela has experienced double-digit growth in the real economy in the first quarter of the year, the President of the Republic, Nicolás Maduro, reported on Tuesday.

“Today I received the economic bulletin, which is called the Economic Intelligence Bulletin. Important news, Venezuela has experienced growth in the first quarter of 2022 above double digits. It is encouraging news because the economic intelligence indicators (...) are all showing improvement, ”he said during a Facebook Live broadcast, on the R · .live program, as the president called it.

“The important thing is that we are on the right path. Venezuela is recovering and needs everyone to continue moving forward, with faith in our country."

Maduro affirmed that last year the "growth of the real economy" was above four points.

He indicated that the bulletin registers other aspects of improvement such as the stability of the exchange system and its sustainability and the deceleration of inflation.

"And what is called the bank credit that is moving, the enterprises, the industrial sector, food production," he added.

He pointed out that "for the first time in many years" Venezuela reached 70% of the food it produces and the goal is to reach 90% this year.

“What we bring to the plate today is produced in Venezuela. Rice, beans, corn, meat, milk, eggs, everything is produced in Venezuela as a result of this process of complete transformation of the economic system,” he said.

He also indicated that petrochemical companies in Venezuela are producing at 95% of their capacity.

"Venezuela needs everyone: businessmen, entrepreneurs, workers, professionals, technicians, workers to continue moving forward, with faith, in our country," reiterated the president, who was accompanied by the Vice President of the Republic, Delcy Rodríguez.

“The world of the future will be a basket of currencies and cryptocurrencies. The bolivar has been strengthened with power and real monetary force, the force of the market, of the economic activity of a solid state that produces bolivars”.

“EU sanctions are suicide”

During his speech, the president referred to the sanctions applied by the European Union (EU) to Moscow, the most recent of them announced on Monday corresponding to a two-thirds embargo on purchases of Russian oil.

“The sanctions measures against Russia taken by the European Union are economic suicide for the United States, Europe and the world. They are causing the greatest inflation that has been known in recent years," denounced the head of state.

He indicated that the embargo measure caused the oil tanker to skyrocket this Tuesday to 123 dollars per barrel, while gasoline shot up "to more than 330 dollars per barrel and is going up."

“With oil, gasoline, food soars and it affects all the peoples of the world. It is crazy what the European Union is doing, they must sit down, reflect and rectify this madness of sanctions. The sanctions are against the peoples, ”he asserted.


The president also described the XXI Chief Summit as successfulis state and the Government of the Bolivarian Alliance for the Peoples of Our America-People's Trade Treaty (ALBA-TCP), which was held over the weekend in Havana, Cuba.

The Summit served, Maduro said, to establish a position of absolute repudiation of the exclusion of Venezuela, Cuba and Nicaragua by the United States from the Summit of the Americas to be held between June 6 and 10 in Los Angeles.

"We have received the solidarity and support of 25 countries that have expressed their support and protest against the attempt to exclude, to divide Latin America and the Caribbean," he said.

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